The report mentioned that attrition rates in various sectors have been fluctuating due to macroeconomic factors. According to the EY ‘Future of Pay 2024’ report, India Inc is expected to have an average salary increase of 9.6% in 2024, similar to the previous year. Attrition decreased to 18.3% in 2023 and is predicted to continue declining as companies focus on cost management and employee well-being.
E-commerce, financial services, and professional services sectors are anticipated to have significant salary raises in 2024. Organizations are shifting towards a more comprehensive rewards value proposition (RVP) to enhance employee satisfaction. E-commerce is projected to have the highest salary growth at 10.4% this year, followed by financial services (10.1%) and professional services (10%).
The report highlighted that attrition rates have been fluctuating due to macroeconomic factors and internal corporate strategies. The highest attrition levels were observed in financial services, professional services, and information technology sectors. Furthermore, organizations are prioritizing cost planning, employee wellness, and aligning with industry standards to enhance employee benefits.
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